Advised F-Secure on its acquisition of Steek, an online storage and data management software provider for fixed and mobile operators
We are pleased to announce that Arma Partners acted as exclusive financial advisor to F-Secure Corporation (Helsinki: FSC1V) on its €30 million acquisition of Steek SA, a leading European software provider for online storage and data management solutions to fixed line and mobile operators enabling consumers to store, share and manage personal digital content with PCs and mobile phones. Founded in 2002 in Bordeaux, France, Steek currently employs 50 staff and services over 2.2 million active users through operator customers like SFR (France), Virgin Media (UK), TDC (Denmark), Singtel (Singapore) and Terra (Spain).
F-Secure is Europe’s largest publicly-listed security software provider and a pioneer of the ‘Security as a Service’ business model with over 180 Internet Service Provider (ISP) customers globally. The acquisition further strengthens F-Secure’s position as the leading partner for operators globally. Both the acquired solutions and operator relationships are highly complementary to F-Secure’s existing business. The combined operations extend F-Secure’s growth opportunities within the rapidly evolving fixed and mobile broadband services market.
Under the terms of the agreement, the cash and debt free purchase price is €27.5 million, with additional performance-based contingent payments of up to €2.5 million in 2010. The transaction was signed and closed on July 10, 2009 and is expected to be EPS accretive in 2010.